Oil Market Conditions: WTI closed down 22 cents amid profit taking.
InfoQuest – West Texas Intermediate (WTI) crude oil futures in New York closed lower on Friday (March 15) on profit-taking pressures. After the price exceeded $85 a barrel for the first time since November. But oil prices continued to rise this week, supported by increased demand from US refineries after the completion of planned maintenance.
The WTI contract is scheduled for delivery in April. The price of oil fell by 22 cents, or 0.27%, to close at $81.04 per barrel. But it rose 4.07% this week.
Brent crude oil (BRENT) contract for delivery in May. The price of oil fell by 8 cents, or 0.09%, to close at $85.34 per barrel. But it rose 4.02% this week.
Analysts say crude oil futures fell after investors were unsure whether or not the Federal Reserve (Fed) would be able to cut interest rates in June. After the release of high inflation data in the United States, it was higher than expected. While investors believe that if the Fed lowers interest rates, it will increase demand for oil in the United States.
Investors sell crude oil contracts to make a profit. After prices rebounded for two days in a row, with WTI prices rising earlier. After the United States revealed that crude oil inventories fell last week. Contrary to analysts' expectations, there are positive factors from reports issued by the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) that predict difficult oil conditions this year. In addition, oil prices were also supported by Ukraine sending drones to attack refineries. Oil This may also affect the amount of oil on the market.
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